UPDATE: Stifel Nicolaus Raises PT to $23 on SciQuest on Revenue Reaccelerating Outlook
Stifel Nicolaus maintained SciQuest (NASDAQ: SQI) with a Buy rating and raised the price target from $20.00 to $23.00.
Stifel Nicolaus analyst Tom Roderick commented, "We had the opportunity to host investor meetings with SciQuest management in San Francisco on March 12, 2013. We believe that expanding the commercial presence remains the company's most prominent near-term goal, and that the 2012 acquistions of Upside and Spend Radar are helping to establish a broader footprint in the commercial space. As we continue to to remain enthusiastic for the mid/long-term picture, we are raising our 12-month target price from $20 to $23."
SciQuest closed at $20.78 on Tuesday.
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